Mr Mortgage

The AMBAC Bailout Plan is Really About Banks Saving Their Own AAAsses

Great comment - "Here is my forty cents, which was really 2 cents but I have leveraged it up 20 times." I will plagiarize this with your permission.

Gasparino was doing some serious back peddling on Fast Monday Friday night. I think he got a little ahead of himself, saw the markets reaction and soiled himself. I really do not think he meant to infer what he did with that report. For us financial bears, this is a super opportunity to add to short positions.

That aside, I am confident a 'deal' will get done, but only a save the munis but the financials. Hey, they are saying there is only $70-$90 Billion more in CDO write downs in the monolines fail...that is nothing compared to everything else coming down the pike. It almost makes all of this 'monoline' anxiety seem trivial.

This is all about the munis.